Useful Information and Dates for Business Owners and Directors
Budget Rates & Allowances
| Budget Briefing – Useful Rates for 2010/2011 | ||
|---|---|---|
| 2010/2011 | 2009/2010 | |
| Income Tax: | ||
| Personal Allowance * |
£6,475 |
£6,475 |
| Personal Allowance 65+ ** |
£9,490 |
£9,490 |
| Personal Allowance 75+ | £9,640 |
£9,640 |
| Married Couples 75+ | £6,965 |
£6,965 |
| 20% Basic Rate | £0-£37,400 |
£0-£37,400 |
| 40% Higher Rate | £37,401 |
£37,401 |
| 50% Top Rate |
£150,001 |
n/a |
| National Insurance: | ||
| NI Lower Threshold | £110 per week |
£110 per week |
| Employee Contribution | ||
| £110 to £844 per week | 11.00% |
11.00% |
| £844 per week + | 1.00% |
1.00% |
| Employer Contribution | ||
| £110 per week + | 12.80% |
12.80% |
| Capital Gains Tax: | £10,100 |
£10,100 |
| Capital Gains Tax Flat Rate: |
18.00% | 18.00% |
| Inheritance Tax: | £325,000 |
£325,000 |
| Corporation Tax: | ||
| Small Companies Rate | 21.00% |
21.00% |
| Full Rate | 28.00% |
28.00% |
| Capital Allowances: | ||
| Small Companies Annual Investment | ||
| Allowance up to £50,000 | n/a | 100.00% |
| Allowance up to £100,000 |
100.00% |
|
| Standard Rate on Plant & Machinery |
20.00% | 20.00% |
| Value Added Tax Thresholds: | ||
| Registration | £70,000 |
£68,000 |
| Deregistration | £68,000 |
£66,000 |
| Approved Mileage Allowance Rates: | ||
| Up to 10,000 Miles (Per Mile) | 40p | 40p |
| Over 10,000 Miles (Per Mile) | 25p | 25p |
* Reduced by £1 for every £2 of income over £100,000 to potentially nil
** Reduced by £1 for every £2 of income over £22,900, but allowance cannot be reduced below personal allowance.
Useful Dates
As part of our commitment to all business owners and directors, it is important that they are familiar with the following dates. Late submissions for some of the below may incur fines from HMRC.
| 31st January 2011 | - Self Assessment Tax Returns to be submitted |
| - 1st payment due on account for self assessments | |
| - Any outstanding balances due on self assessments | |
| 31st March 2011 |
- HM Revenue and Customs Financial Year End |
| 5th April 2011 |
- HM Revenue and Customs Tax Year End |
| 19th May 2011 | - P35/P14 (Payroll Year End) to be submitted |
| 31st May 2011 | - P60’s to be distributed to employees |
| 6th July 2011 | - Form P11D (Directors & Employees Benefits) to be submitted |
| 19th July 2011 | - Class 1a National Insurance due |
| 31st July 2011 | - 2nd payment due on account for self assessments |
Corporation Tax - Due 9 months following company year end.
Company Accounts - Due to be filed at Companies House within 10 months of company year end.
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